Tax cap falls to 1.66% in 2014

N.Y. municipal limit set; similar school rate likely

5:35 AM,
Aug. 12, 2013

Written by

Joseph Spector
Journal Albany bureau

A decline in inflation means the state's property-tax cap in 2014 will be 1.66 percent - not 2 percent as it has been the past two years.

The lower tax-cap limit will pose new challenges to local governments as they prepare their budgets for the upcoming year. The state Comptroller's Office sets the limit each year based on the inflation rate.

"Having a more restrictive cap is just going to require, for those who want to live within that cap, even more tough choices on spending," Comptroller Thomas DiNapoli told the Albany Bureau. ...